Education Center

A Resource for Managing Risk in Life and Business



Life

Life Insurance Awareness Month 2019: The Meaning of Life (Insurance)

Life is unpredictable, but you and your loved ones can be prepared for the inevitable regardless of the “hows” or “whys”. Life insurance is increasingly important to protect the financial security of dependents, yet there are so many who have little or no coverage. According to the most recent 2019 Insurance Barometer Study1 conducted by Life Happens and LIMRA, 6% of American households, approximately 8 million, purchase an Individual Life Insurance policy. Additionally, 10% of households, approximately 13 million... Read more →



Important Update about the Capital One Data Breach

Late last Monday night (July 29, 2019), Capital One disclosed that it had been a victim of a data breach. The breach, which occurred on July 19, is estimated to affect about 100 million individuals in the United States and approximately 6 million in Canada. Below is an overview of the key details that are known at this time. The Virginia-headquartered company says that they became aware of unauthorized access by an outside individual on July 19, 2019. The hacker was able to obtain sensitive customer information, including Social Security numbers and linked bank account numbers for a small fraction of... Read more →



Top 10 Reasons to Purchase Trip Cancellation Insurance

When planning a trip, the last thing anyone wants to factor in is their plans getting delayed or, worse, cancelled. However, with so many factors impacting a trip that are completely out of a traveler’s control (from terrible weather to a family emergency) careful planning and bring your trip to an end before it even begins. This is where Trip Cancellation Insurance can come in handy to protect the insured financially should they need to cancel their trip for a covered reason. Most travel protection plans feature coverage for Trip Cancellation. In fact, this benefit is one of the main... Read more →



Employment Practice Litigation Insurance: What it is and why firms need it

Today, organizations across industry lines risk facing potential litigation from the enforcement of employment regulations, perceived harassment from employees, and many other areas. That is why your American Bar Association Insurance Program partnered with Chubb to offer ABA members Employment Practice Liability Insurance to help mitigate the impact on our members' firms. ABA Insurance and Chubb recently compiled the following FAQ so members can learn more about EPL insurance... Read more →



What is Voluntary Accidental Death & Dismemberment (AD&D) and How Can it Benefit Attorneys?

The insurance industry often asks “what would you do if…?” before delving into different types of coverage. That question often brings to mind certain common, cookie-cutter scenarios—what would you do if your spouse passed away? What would you do if you got into a car accident or your house caught on fire? It is common knowledge that life and disability insurance are important, just as most often auto and home insurance are required. However, some types... Read more →



Who’s Watching You?: You might be sharing more data than you think online

This fall’s Facebook security breach that exposed data from 50 million user accounts served as an unfortunate reminder that what is shared online is never truly private. Many consumers have considered the risks associated with posting online through popular social media platforms and have adjusted their privacy settings accordingly. However, most probably haven’t put much thought behind what they might be sharing, perhaps unintentionally, on platforms lesser known for their social sharing capabilities. And while... Read more →



Growing Pains, Risks as Internet and Social Media Proliferate

The rapid integration of digital technologies into everyday life continues to create new risks and challenges that many individuals and families frequently overlook or do not yet fully appreciate. Take these two technological developments: Smartphones and the Internet of Things (IoT). While smartphone and mobile technology as a whole has put the Internet at the fingertips of a greater number of people worldwide, it also has allowed... Read more →



Lawyers and Cybersecurity: Lawyers Fail to Make the Grade in the ABA’s Most Recent Report Card

In late October, the American Bar Association’s Legal Technology Resource Center released its ABA TechReport 2019.[1] Unfortunately, the report was not good news for lawyers. The report, based upon responses from lawyers across the country as provided in the Legal Technology Survey Report, reveals that lawyers have made little progress in the past year, if not, the past few years, in protecting themselves and their practices from cybersecurity risk... Read more →



How It Works: Credit Scores and Lending Decisions on Student Loan Refinancing Options

This information is courtesy of SoFi, used with permission. It is intended exclusively for general information only. For more information on student loan refinancing, please visit SoFi.com/ABA. By Kevin Moss Credit scores play a large role in personal finance today. However, many people don’t really understand why or how they’re utilized by a financial institution when making a lending decision. We want to help change that, and provide some insight into how credit scores work at SoFi. First, some history. Although... Read more →



This is How Much Air Medical Transport Costs

Medical air transportation companies have been helping save countless lives, often under dramatic circumstances, and have undoubtedly brought quicker emergency medical care to certain rural areas of the world. In the U.S. alone, air medical transport is providing approximately 82 million Americans access to Level I or II trauma centers in under 60 minutes. However, air ambulance costs are also leaving many patients financially vulnerable, catching them off guard with massive bills, which their health provider doesn’t cover. Most patients are left wondering how a relatively short ride can end up costing so much... Read more →



Can’t take it with you—or can you?: A Conversation About Student Debt After Death

When a student prepares to enter college, they, and their loved ones, typically are thinking about the future. Higher education can open up a new world of opportunity for students of all ages and backgrounds. With this hope for a new career, and hopefully higher paycheck, in front of them, it may be easy to set aside the cost of attending college. Unfortunately, the reality of that cost can become very real for grieving families across the country in the event of their student’s untimely death. It is important for students and family members... Read more →



Distracted Driving Statistics

A recent study from the Virginia Tech Transportation Institute found that manual-visual tasks associated with hand-held devices, such as reaching for the phone or dialing, increased the risk of getting into a crash by three times. The study also reported that even hands-free devices involve manual-visual tasks at least half the time, which is associated with a greater crash risk. Are you fully aware... Read more →



Pet Insurance: Know Before You Buy

All pet insurance providers are different. Below are some good things to know about them before choosing one. It has become pretty standard for pet insurance providers to cover accidents, illnesses, and hereditary conditions. However, not all providers cover things like dental problems, behavioral problems, or prescription food. Make sure everything you’d want covered is covered... Read more →



How to Make Student Loan Refinancing a Cinch

For borrowers who are eligible, the decision to refinance student loans is typically a no-brainer. Not only does refinancing allow you to choose between lower monthly payments and a shorter payment term, but it also lets you consolidate your monthly bill and – most importantly – save a significant amount of money over the life of the loan.But even if you’re excited about the idea of sticking it to your student loans, you may be concerned about.... Read more →



“What If…?”: A Question of Disability Insurance

Imagine: what if you could not be an attorney? It takes years of education, training, and commitment to practice law. It takes just as much to build your lifestyle. Yet, one moment, whether due to an accident or illness, can derail or severely alter all that you have worked for through those years of dedication. It is easy to think “it won’t happen to me” regarding forces completely out of your control— until it does. So, how will you protect your firm, your family, and yourself? What is disability insurance and who needs it?... Read more →



Consolidate Student Loans vs Refinance

If you’re one of the approximately 45 million Americans who currently have student loan debt, you may have heard the terms “consolidation” or “refinancing” being thrown around. If you’re not sure what these terms mean or how they’re different, you’re in the right place.Finance is personal and how you choose to repay your student loans is no different. While consolidation might make sense for some borrowers, and refinancing might make sense for... Read more →



Should You Pay Off Loans Before Grad School

Continuing your education through graduate school can be an exciting decision. Grad school can mean an opportunity to further your knowledge and expertise in your chosen field, and may lead to a lucrative and fulfilling career. But all that potential often comes with a shiny price tag. The average graduate student spent approximately $24,812 on grad school costs during the 2016-17 school year, according to the most recent “How America Pays for Graduate School” report by Sallie Mae. In reality, the actual cost of... Read more →



7 Ways to Put More Towards Student Loan Payments

So you thought your mac and cheese and ramen days were over? Well, maybe not quite yet.If you’re overwhelmed by the thought of managing student loan payments for years or even decades to come, there are strategies that can help you dump that debt faster. Unfortunately, many require cutting back on your spending or finding ways to make more money.That might not seem fair if you were thinking graduation would mark the start of a sweeter lifestyle—not more austerity. But the thing to keep in mind is that if you can pay off your loans faster, you’ll typically save money down the road... Read more →



Student Loan Deferment vs Forbearance: What’s The Difference?

If you’re struggling to keep up with student loan payments, rest assured you are not alone. In fact, more than 30% of borrowers have trouble making student loan payments just six years after graduation.There are many reasons why you may be having difficulty with your loans. Perhaps you haven’t been able to find a job after graduation. Even if you have, your salary may be lower than you hoped thanks to stagnating wages across many industries.Maybe you’ve decided to go to graduate school, enlist in the military, or take a fellowship, and... Read more →



How to Handle Law School Debt

Going to law school has long been a way to earn a professional degree and kickstart a rewarding and lucrative career. The hours are long and the competition is stiff, but for students drawn to the art of negotiation and persuasion, it might be a logical next step after undergrad.Since the recession, however, law students have faced soaring education costs and an ever-changing job market. Many graduates leaving law school spend several months searching for a good position to immediately start making a return on their student loan investment, which usually comes... Read more →



Making the Most of Working From Home: Ideas for Yourself and Your Kids

As of the total number of cases of COVID-19 continues to rise, according to the Centers for Disease Control and Prevention (CDC), more and more businesses have closed their doors and sent their employees home to work. Many people may be finding it difficult to stay stuck inside during self-quarantine. We have compiled a short list here of ideas to help you make the most of your time at home... Read more →



The Importance of Choosing a Beneficiary

You know you need life insurance. At this point, you may have planned out what kind of policy is best for you and have calculated how much insurance your loved ones need to not only cover your final expenses but also to live without your income. The final question to answer is: who should you name as your beneficiary? A beneficiary is the individual or individuals who will receive your death benefit after you pass... Read more →



Understanding a Travel Insurance Plan: What’s Covered and What’s Not

If you’re like many people (me included before I started working for a travel insurance brokerage), you buy travel insurance and immediately cover yourself in a nice cozy mental security blanket: “If something goes wrong before or during my trip, I’ll be reimbursed.” Well, it’s not quite that simple. Like all types of insurance – homeowners, auto, life, to name a few – there are limits to the... Read more →



COVID-19 Is Prompting Families to Rethink Their Finances

COVID-19 has led families to cancel travel plans, get (semi!) comfortable with homeschooling kids and deal with all kinds of other inconveniences.As if that weren’t enough, it’s also making many families take a closer look at their finances and make sometimes difficult financial decisions.Life Happens recently conducted a survey that polled more than 2,000 adult Americans about how... Read more →



The ABA Insurance Education Center is provided by USI Affinity, the administrator of the American Bar Association Insurance Program. Unless stated, the opinions shared by USI Affinity writers do not reflect the official position of the American Bar Association.